For Questions Below, Use the Following: a Researcher Sets Up

question 104

Short Answer

For questions below, use the following: A researcher sets up a two, matched-subjects experimental design, and collects ordinal measures on the subjects. The data follow: $$\begin{array} { c c } \text { Group 1 } & \text { Group 2 } \\1 & 4 \\2 & 5 \\3 & 6 \\7 & 8 \\9 & 11 \\10 & 12 \\13 & 13 \\8 & 7 \\11 & 9 \\12 & 10 \\4 & 3 \\5 & 2 \\6 & 1\end{array}$$
-Should Ho be rejected? For questions 101 through 105, use the following: A researcher sets up a three-group, between-subjects design with random assignment of all subjects. Because the interval measures on the dependent variable are badly skewed, the measures are rank-ordered. The data follow:

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Definitions:

Price Floor

A government-imposed minimum price that can be charged for a commodity, above what would be set by market forces, to ensure that producers receive a minimum income.

Equilibrium Price

The price in the market where the amount of products offered matches the amount of products consumers want to buy.

Quota Rent

Quota Rent is the economic rent a producer earns from the difference between the domestic price and the world price due to a quota system limiting imports.

Demand Price

The highest price a consumer is willing to pay for a good or service.